Korean retail firm to open 1,000 stores yearly to cope with growing c-store market

South Korea's retail giant Shinsegae will boost its convenience store segment With Me with a US$263 million investment, reports the Korea Biz Wire.

The investment aims to further intensify innovation and open more stores in order to cope with increasingly competitive convenience store market in the country.

Shinsegae Vice Chairman Chung Yong-jin admits that the company needs around 5,000 to 6,000 stores to record profits and targets to open 1,000 new stores every year.

They will also rebrand With Me to emart24 to attract more customers who are already familiar with Shinsegae's discount chain E-Mart.